Wed05232012

Last update07:18:05 PM GMT

Business and Economy

Kosovo sees economic growth above 4 percent in 2009

  • PDF
ImageKosovo's economy is forseen to grow 4.4 percent in the year of 2009 beating an IMF forecast, despite the impact of the financial crisis on its exports and remittances, Deputy Minister of Economy and Finance Bedri Hamza of the Republic of Kosovo said on Thursday.

"Despite the global financial crisis, Kosovo's economy will not be heavily affected and real growth this year will be 4.4 percent," Hamza told a news conference, presenting semi-annual macroeconomic results.

Meanwhil, the International Monetary Fund has forecast GDP growth of 3.8 percent for 2009, in its recent  report down from 5.4 percent in 2008.

"This is positive growth and better than the (other) economies in the region," he said of Kosovo's 3.8 billion euro economy.

Kosovo exports used to cover only 12.1 percent of imports during the first six months in 2008, but fell further this year to only 7.5 percent of imports.

Despite a 39 percent export decline to 62.7 million euros in January-June, the government remains optimistic, Hamza said.

"The crisis has hit badly our exports but this sector is stabilizing because prices of minerals are rising again," Hamza said. "Minerals from Ferronickel and Trepca complex are our main exports."

"Those companies have created reserves. They had no interest in selling minerals at low prices," he added. "In the second part of the year, the companies have started exporting and we have seen an improvement."

The Republic of Kosovo joined the IMF and the World Bank in June of 2009. It expects to join the European Bank for Reconstruction and Development (EBRD) by the end of 2009.
 
The Republic of Kosovo became independent last year.Its economy is still recovering  with recent massive infrastructure  rebuilding and heading towards stability and gradual macroeconomic growth. Kosovo has large reserves of lignite, silver, gold, crom, nickel, iron, and other metals. 

International fair of agro-business in Kosovo

  • PDF
ImageFrom October 21 to October 24, 9th edition International Fair Agrokos & Drinks 2009 will take part in the most important economic event from the field of agro-business in the Republic of Kosovo and region.

A large number of exhibition companies from the Republic of Kosovo, region, other European countries, and Asia will take part in this important event, organized by Congress & Event Organization (CEO). CEO is a private Company, established on the year 2000 in Kosovo. "Now, a tradition and identity has established in the Republic of Kosovo, a specialized trade for the agro-business sector, and a very good chance of promotion efficiency," said CEO's Director Lulzim Krasniqi. He added that Agrokos 2009, known for high quality organization, will be a highest international character in the country and region. "With CEO's experience and organization of specialized international fairs in the Republic of Kosovo, good relations of cooperation with regions and European countries have been established," he states. CEO's examples of participation included promotional fairs organized and held in Slovenia, Germany, with other countries with a high future interest.

With some 60 percent of the population living in rural areas, and with the majority of these people working in the agricultural sector, Kosovo has a long tradition in this area. The arable land in Kosovo is considered to be of good quality. Combined with the temperate climate that prevails throughout the country, very good conditions for agricultural production exist. Due to a beneficial climate, natural conditions and/or soil composition, the environment in Kosovo offers suitable conditions to potential investors wishing to achieve high yields in various sub-fields of agriculture and livestock farming

Among the supporting institutions of this fair are AHK- German Chamber of Commerce in Skopje, Regional Chambers of Commerce, BDS (Business Development Support), CIBC (Center for InterBalkan Cooperation) located in Greece, USAID, and Raiffeisen Bank.


Slovenia's Technopolis to build business park in Kosovo town

  • PDF
Image
Skënderaj
The Municipality of Skënderaj, Republic of Kosovo, has signed a contract with a Slovenian company "Technopolis" to build a business park. The foundation stone for the business park “Technopolis” was laid down about seventeen months ago in Skenderaj, with an 1.5 million Euros investment.

The municipal authorities of Skenderaj have pledged 19 hectares of land for this purpose. The project foresees the construction of 42 businesses which are expected to generate close to 2000 jobs.  The company has obliged to develop the project outlines and obtain a construction permit within 60 days, whereas the completion of the project is expected to be done in fifteen months.

"The completion of the project and and businesses will provide jobs and effectively lower the high unemployment rate in our city," stated the Mayor of Skënderaj, Sami Lushtaku. But Ylber Morina, Director of Urbanism and Environment of Skënderaj, explained that the construction will begin after 60 days; upon completion of project detailing and obtainment of the construction permit. "The whole procedure of setting businesses will also go through the investors and we hope that foreign investors will also bring businesses, including those in the Republic of Kosovo," said Morina.

The news of the signing of the contract, howsoever blithesome, was also surprising because the citizens of Skenderaj remember when the foundation was laid down seventeen months ago and has become nothing more since then, which was back in March of 2008. Yes, the project will create a lot of jobs and great opportunities, but the citizens still await the start of the construction, which is to start after Tehnopolis obtains the necessary means.

The construction of the business park has a history, where 4 to 5 years ago the location of the project was to be in the village of Marine, around 5 km from the city of Skenderaj. The current location now is in center city of Skenderaj, at the Jashari Square and Lower Kline.


Kosovo promotes tourism in the United States

  • PDF
ImageThe Kosovo Minister of Trade and Industry (MTI), Lufti Zharku, and Chairman of American Tourism Society (ATS), Phil Otterson, held a conference for promoting the Republic of Kosovo in the United States.

"We have excellent relations with MTI and this partnership will bring wide publicity for Kosovo in the United States. From now til October of 2010, we will give our energy and enthusiasm to the promotion of the Republic of Kosovo, " said Otterson.

The Ministry of Trade and Industry in the Republic of Kosovo has a mission to create a more supportive environment for promoting and strengthening the tourism of the Republic of Kosovo in all areas, including the United States.
Zharku stated that MTI is working toward the 2010 annual event and the gathering of ATS members from different countries of the world to introduce the Republic of Kosovo and create more opportunities and cooperation in the business industry. "A peculiar emphasis is devoted to the promotion of the Republic of Kosovo's tourism and our participation in cooperating with various institutions and international associations, " said Zharku. He also stated that MTI has continued to work in formulating the tourism policy and make any necessary improvements or new ideas, which help improve the tourism sector.

Phil Otterson says that ATS places more emphasis on countries with tourism potential and believes that the excellent relations with MTI will make publicity for the Republic of Kosovo. "From now til October 2010, we will give our energy and enthusiasm to the promotion of the Republic of Kosovo, " said Otterson.

Kosovo and Germany deepen economic ties

  • PDF
ImageAfter two days of negotiations, the Republic of Kosovo Government and the Federal Republic of Germany signed the protocol of economic cooperation, marking a further step of deepening relations between both nations.

Germany has pledged 100 million Euros assistance to the Republic of Kosovo for the 2008-2009 period and the assistance this year is 42 million Euros, which meets the pledge. Of 100 million Euros, 56 million were allocated as a grant by the Government of Germany to the Republic of Kosovo, while the rest is a loan with easy conditions.

At the occasion, both parties promised that cooperation will continue in the future. The German Government has allocated 42 million Euros to invest in public infrastructure, energy, sustainable economic development, promotion of employment, public administration, and education.

The Minister of Economy and Finance of the Republic of Kosovo, Ahmet Shala emphasized  this confirms as many times in the past, that Germany is a true friend of the people of Kosovo, of the new state of Kosovo. He pointed the joint cooperation to build the Kosovar Dream for a developed state and integrated into the European Union.

German Ambassador to the Republic of Kosovo Hans Dieter Steinbach said this year marked many achievements since the signing of the previous agreement last year. According to him, many things have been accomplished and many are being done in Kosovo. The German Ambassador stressed that in the past 12 months has build an important partnership with Kosovo which has implemented the agreement signed last year and pledged further assistance to the Republic of Kosovo.

Meanwhile, Minister of Economic Cooperation and Development of the Germany Federal Government, Friederich Kitschelt, said that a cooperation between both Government deepening and with these talks confirms the pledge of further assistance by the Government of Germany in implementation of the agreement that was signed today.

Anna Wiman

Anna Wiman
Freelance Writer and photographer

Elizabeth Gowing

Elizabeth Gowing
Co-Founder at The Ideas Partnership NGO

Henry H. Perritt Jr.

Henry H. Perritt Jr.
Professor of Law Chicago-Kent College

Drilon Gashi

Drilon Gashi
Comm. Counselor to the Prime Minister

Arlind V. Bytyqi

Arlind V. Bytyqi
Editor-in-chief
New Kosova Report
 

Book reviews

Books on Kosovo

Book Review

Interested on learning more about Kosovo, its history and culture?

Then go ahead to our book review section and find the latest book reviews from various authors and scholars!